Having read the posts here, I agree Mr Chen needs something more than MOU on offer. Shareholders need to see an RNS that states it's a done deal. Range should move away from these rather forward thinking statements and into reality conclusions. Makes us all say yea yea heard it all before...
If the $35M loan goes through Sibo will own 36% of the company and there will be 7bn shares in issue.
The final number of Shares to be issued as part of the total investment will be determined upon signing of the subscription agreement. However, based on today's exchange rate, and assuming the maximum amount of the investment is provided and shareholder and regulatory approvals obtained, Sibo would hold approximately 36% of the enlarged share capital of the Company
They also mention In addition, Range is finalising the previously announced US$50 million trade financing package with Sinosure and LandOcean, with further details to be announced in due course.
If this goes through Sinosure / Landocean will own something like 50% of the company.
So if my maths is correct 86% of the company will be owned by Chinese institutions leaving 14% ish held by private investors. So essentially a takeover of the company is taking place and people think it's great news!!
Then what next?? Delisting or consolidation or private ownership, take your pick!!
Should they lift the suspension I will sell all remaining holdings as soon as somebody will give me a price for them, but I'm not holding my breath.
If the Director says he's putting his own money in, then unlike the last lot it's a good sign. Mr Chen can certainly be compared to such great leaders like, Tinto, Churchill, Thatcher or Emporer Kangxi. He's clearly well connected and seems determined to right the wrongs of PL and the others. I get the picture he doesn't want to be seen in London as drinking from the same furry cup as the previous Cowboys that ran the company to its knees. Let's show some faith and see what happens from here. I'm all for RIGS support, the small investors needs one collective voice. I give it a strong buy on trading!
We must remember what happened to the Core MOU RNS dated 02/11/2014. This is still all promise of what might come to pass,although not front loaded like the Core deal. We need an RNS that states it has happened, to be out of the woods,because the clock is still ticking. GLA
I must admit DC seems to be a man with substance...he seems to be able to walk the talk.......I like the honesty of declaring new investment find has been set up specially for investment in Range...however unfortunately in case of Range any deal is not done until it's concluded as we have been seeing for last 2/3 years.
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